Solar power project receives first loan advance

Exelon Corp. (NYSE: EXC) and First Solar Inc. (Nasdaq: FSLR) on April 5 said the Antelope Valley Solar Ranch One project in Los Angeles County, Calif., has received the first advance of a loan guaranteed by the U.S. Department of Energy’s Loan Programs Office, finalizing Exelon’s ownership of the project.

First Solar said Feb. 24 that it resolved construction permit issues that delayed a $646 million federal loan guarantee from the U.S. Department of Energy.

First Solar is constructing the 230 MW photovoltaic power project and will operate and maintain the project for Exelon. As Exelon and First Solar previously announced, the first portion of the project is expected to come online in late 2012, with full operation planned for late 2013.

The project has a 25-year power purchase agreement, approved by the California Public Utilities Commission, with Pacific Gas & Electric Co. (NYSE: PCG) for the full output of the plant.

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